It is evident things are heading in an interesting direction for all cryptocurrency markets as of right now.While we had some positive momentum yesterday, it seems things are slowly turning bearish once again. It seems all markets are dealing with small to medium declines as of right now. Right now, the Bitcoin Cash price is struggling to hold on to the $1,250 level, but it will prove to be very difficult.
Bitcoin Cash Price Teeters on $1,250
It is evident all of the cryptocurrency markets are going through some tough momentum as of right now. That is not necessarily a bad thing, although these minor corrections always seem to overshadow the small gains made in the previous day or days. This current bearish sentiment is nothing new whatsoever, although it seems to be an attempt to push the Bitcoin Cash price below $1,250 once again. Whether or not that will be a successful venture, remains to be determined at this stage.
To put this into perspective, all cryptocurrency markets are suffering from stagnation or small declines right now In the case of the Bitcoin Cash price, we are looking at a 2.44% decline over the past 24 hours. Nothing to be overly concerned about, although there is also a 0.6% decline in the BCH/BTC ratio to take into account. With the Bitcoin Cash price dipping below $1,250 on a few occasions today already, it will be interesting to see if that price point can be maintained much longer.
Although a dip below $1,250 is not all that big of a deal for the Bitcoin Cash price, some users will be disappointed the push to $1,300 and more did not materialize just yet. Earlier today, the BCH value almost hit $1,296 before things started heading south all of a sudden. Once this brief market dip is over, however, we may very well see the Bitcoin Cash price head back to $1,350 or potentially even more. It will all depend on how the Bitcoin momentum evolves in the next few hours.
With $360.73m in 24-hour trading volume, it is difficult to speak of any major demand for Bitcoin cash as of right now. Although all markets struggle with volume as of right now, most people would expect the top five currencies to be all above $1bn in volume. Sadly, that is not the case, as Bitcoin Cash falls a bit short in this regard. The same applies to other currencies as well, though. The general public has cooled off a bit on cryptocurrency as of late, although things will return to normal before too long.
As of right now, OKEx is the biggest market for BCH trading volume. Their BTC and USDT pairs combine for nearly 40% of all trades, which is rather significant. HitBTC -surprisingly – completes the top three as of right now. There is no fiat currency pair in the entire top five, as the first USD pairs are WEX‘s and Bitfinex’s. Both of those markets generate under $7m respectively, which is not impressive by any means. This situation will turn around once the bearish attitude subsides, although it is unclear when this will happen exactly.
For the time being, it seems we can expect the Bitcoin Cash price to dip below $1,250 and may even go down to $1,200 later today. Assuming the current dip is bought up quickly and the overall momentum turns around, the Bitcoin Cash price may hit $1,300 for all we know. It is difficult to make sense of the market in its current state, as things tend to evolve for better or worse virtually every other day. This is part of what makes cryptocurrencies so exciting to invest in, though.